Bena Steel IPO 150% oversubscribed

07/03/2023 Argaam
Logo ofBen Steel Industries Co.

Logo of Ben Steel Industries Co.

Bena Steel Industries Co.'s initial public offering (IPO) on Nomu-Parallel Market was 150.02% oversubscribed, financial advisor and lead manager Yaqeen Capital said in a statement to Tadawul.

 

The share price was set at top of range at SAR 52.

 

Yaqeen Capital will complete the required procedures with Saudi Tadawul Group, thus setting a date for listing the company's shares on Nomu.

 

Qualified investors started, on Feb. 26, subscription to 600,000 shares, or 12% of the company's share capital, on Nomu. The IPO price range was set between SAR 50-52 per share, according to Argaam's data.

 

Headquartered in Dammam, Bena was incorporated as a closed joint-stock company. It started operations as a branch in 1992.

 

For More IPOs

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